A wide variety of thermosettable polyester resin compositions are known. The compositions are generally well suited for coating applications, particularly when combined with cross-linking agents such as aminoplast resins. Our U.S. Pat. No. 4,238,583 discloses polyester compositions suitable for coatings comprising a benzene dicarboxylic acid, a trihydroxyalkyl compound, a short chain alkylene diol, and a longer chain dihydroxyalkyl compound such as 1,6-hexanediol. While 1,6-hexanediol results in polyesters with good performance characteristics, it is not widely commercially available at a reasonable cost in the United States. In accordance with this invention it has been determined that epsilon-caprolactone can be used advantageously instead of 1,6-hexanediol.